14 Jun 2019 08:31
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14 June 2019
Frontier Smart Technologies Group Ltd ("Frontier" or the "Company")
Response to Science Group's announcement
The Board of Frontier and its advisers, N+1 Singer, note the announcement made by Science Group Plc this morning.
The Board of Frontier confirms that it has recently received a further preliminary approach from a credible, industry player with a view to executing a corporate transaction which may or may not involve an offer for the Company.
The approach is at a preliminary stage, the proposed structure of the potential transaction has not yet been confirmed, and there can be no certainty that it will result in a formal offer for the Company, nor as to the terms of any such offer if made. The Board is urgently seeking to clarify the pricing, conditionality and deliverability of this second approach, in line with its fiduciary duty to maximise value for shareholders.
Further announcements will be made if and when appropriate.
In the meantime, Frontier shareholders are strongly urged to take no action in relation to their Frontier shares.
For Further Enquiries:
Frontier Smart Technologies Group Limited | +44 (0) 20 7391 0630 |
Anthony Sethill, Chief Executive Officer | |
Jonathan Apps, Chief Financial Officer | |
Patrick Hannon, Vice President, Corporate Development | |
N+1 Singer (Nominated Adviser and Broker) | +44 (0) 20 7496 3000 |
Lauren Kettle / Ben Farrow |
About Frontier Smart Technologies Group Limited
Frontier Smart Technologies is a pioneer in technologies for Digital Radio and Smart IoT devices. The Group's customers include many leading consumer audio brands: Bose, Denon, harman/kardon, JBL, Onkyo, Panasonic, Sony, Yamaha, Altec Lansing, Blaupunkt, Grundig, Hama, Klipsch, Marshall, Pioneer, Pure, Roberts, TechniSat, Teufel and many more. Established in 2001, the Group is headquartered in London, with engineering, sales and operations teams in Cambridge, Timisoara (Romania), Hong Kong and Shenzhen. For more information, see frontiersmart.com.